Cyber security for businesses has become increasingly critical as hackers become more and more sophisticated. It doesn’t matter how small your business is you could still be at risk from cyber crime.

Cyber-crime defined

Cyber crime is criminal activity carried out via computers or the internet. Individuals or criminal groups target networks to steal personal information for profit. Cyber threats can include:

• Phishing emails – bogus emails asking for security information and personal details
• Webcam manager – criminals takeover your webcam and then blackmail you with the images
• File hijacker – criminals gain access to files and hold them to ransom
• Keylogging – criminals record what you type of your keyboard which can include important passwords
• Screenshot manager – criminals take screenshots of your computer screen
• Adclicker – fake adverts that give criminals remote access to your computer through a specific link

These types of crime can impact any business both financially and reputationally. These days consumers are aware of the potential risks, according to a report by the Independent 25% of medium businesses said they have been directly asked by customers what cyber security measures they have in place.

Under the General Data Protection Regulations (GDPR) means that a customer’s personal identifiable information (PII) is lost, stolen or leaked then a company can be fined up to £20million or 4% or turnover whichever is the higher figure.

Can an SME be at risk from a cyber attack?

The answer is a definite yes. It appears that many small business owners believe their business is too small to be a target and are not investing is the necessary cyber security measures.

Protect your business

There are a number of ways that you can improve your cyber security to help both yourself and your customers.

Identify the risks

If you understand the risks that you could be faced by your business, you can protect against them. Under GDPR, businesses have 72 hours to report a breach of personal data or face significant fines which could have major implications for your business.

Update your passwords

This is a very effective way to protect against cyber attacks. A password generator is a good way to come up with robust passwords.

Email vigilance

Delete emails that look suspicious and make sure your staff are trained to spot anything that looks unusual. Phishing emails are getting more convincing and criminals change tactics regularly, so staff need to be updated regularly on what to look out for.

Cyber liability insurance

Cyber liability insurance can help protect your business assets with cover for:

• Loss or damage to digital assets such as data or software programmes
• Business interruption from network downtime
• Cyber exhortation where third parties threaten to damage or release data if money is not paid to them
• Customer notification expenses when there is a legal or regulatory requirement to notify them of a security or privacy breach
• Reputational damage arising from a breach of data that results in loss of intellectual property or customers
• Theft of money or digital assets through theft of equipment or electronic theft

Third party cyber insurance can also be arranged to cover the assets of others, typically your customers.

If you would like to review your cyber risks and options for cover, please get in touch with the team at Lockyers or call 01924 278222.